British energy giant BP plc (BP: Quote,BP.L) has proposed the payment of a $1 billion dividend by TNK-BP. The proposal was made prior to the first Board discussion of 2012. This would be the first TNK-BP dividend attributable to 2012 income, TNK-BP said.
TNK-BP, the third largest oil company in Russia, is a 50:50 joint venture formed in 2003 by merging the Russian oil and gas assets of BP and the oil and gas assets of Alfa-Access-Renova or AAR, a consortium consisting of a group of Russian billionaires.
TNK-BP said that with only ten members, the Board is able to make a decision on so-called additional, or interim, dividends, which require the unanimous approval of all members. AAR directors agreed to study BP's proposal and make a decision during the course of the coming week.
Last year BP paid out $4.1 billion in dividends. Of this amount, dividends from TNK-BP accounted for $3.7 billion, or more than 90% of BP's total payout to shareholders, TNK-BP noted.
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by RTT Staff Writer
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